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The US Treasury Department has added Tornado Cash, a cryptocurrency mixing service that has been used to launder more than $7 billion in cryptocurrencies since its founding, to its sanctions list. The ministry said in a statement that Tornado Cash allegedly helped hackers launder the proceeds of cybercrimes. The statement noted that the Office of Foreign Assets Control (OFAC) added Tornado Cash, a cryptocurrency mixer that has been used to launder more than $7 billion in cryptocurrencies since its founding in 2019, to its sanctions list. It was reported that Tornado Cash’s assets in the US will be frozen and US residents will be prevented from transacting with it, and that the North Korean-backed hacker group Lazarus Group also laundered at least $455 million through Tornado Cash. The statement emphasized that cryptocurrency mixers that assist criminals pose a threat to US national security, that the use of mixers for illicit purposes will continue to be investigated, and that the Treasury Department will use its authority to respond to illicit financing risks in the virtual currency ecosystem. Tornado Cash provides transaction privacy by breaking the on-chain link between source and destination addresses on Ethereum. Mixers like Tornado Cash are often used by illicit actors to launder money.